Grizzly Announces Closing of Initial Tranche of Private Placement
Grizzly Announces Closing of Initial Tranche
of Private Placement
Edmonton, Alberta--(Newsfile Corp. - July 31, 2024) -
Grizzly Discoveries Inc. (TSXV: GZD) (FSE:
G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")
announces that it has closed on an initial
tranche of the private placement (the "Offering") of Units and Flow-Through Units originally announced on
June 20, 2024 and extended on July 19, 2024.
The Company issued a total of 6,157,668 Units and 700,000 FT Units, each at a price of $0.03, for
aggregate gross proceeds of $205,730.
Each Unit consists of one common share of the Company ("Common Share") and one non-transferrable
common share purchase warrant ("Warrant") entitling the warrant holder to purchase an additional
Common Share for $0.05 and expiring on the earlier of a) 30 days following written notice by the
Company to the warrant holder that the volume-weighted average trading price of the Common Shares
on the TSX Venture Exchange is at or greater than CA$0.10 per Common Share for 10 consecutive
trading days; and (b) 24 months from the date of issuance.
Each Flow-Through Unit consists of one
Common Share and one half of one Warrant, each of which shall be issued as a "flow through share" for
the purposes of the
Income Tax Act
(Canada).
The Offering is being offered to qualified subscribers in
the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in
its discretion determine, in reliance upon exemptions from the registration and prospectus requirements
of applicable securities legislation.
The proceeds of $184,730 from the sale of Units in this tranche are intended to be used for general
working capital and corporate overhead, including the payment of management fees to officers of the
Company, and the proceeds of $21,000 from the sale of FT Units will be reserved for mineral property
exploration.
No commissions or finder's fees were paid with respect to this tranche of the Offering.
The Offering remains open, with 10,509,000 Units and 16,966,668 FT Units remaining under the
maximum Offering, until August 18, 2024.
The Offering is subject to final approval from the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture
Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of
precious and base metals properties in southeastern British Columbia.
Grizzly is run by a highly
experienced junior resource sector management team, who have a track record of advancing
exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President
For further information, please visit our website at
www.grizzlydiscoveries.com
or contact:
Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the
meaning of applicable securities laws. This information and statements address future activities,
events, plans, developments and projections. All statements, other than statements of historical fact,
constitute forward-looking statements or forward-looking information. Such forward-looking information
and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan,"
"expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates,
opinions and analysis made by management of Grizzly in light of its experience, current conditions,
expectations of future developments and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and unknown risks and uncertainties that
may cause Grizzly's actual results, performance and achievements to differ materially from those
expressed or implied by the forward-looking information and statements and accordingly, undue
reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the
availability of financing; fluctuations in commodity prices; changes to and compliance with applicable
laws and regulations, including environmental laws and obtaining requisite permits; political,
economic and other risks; as well as other risks and uncertainties which are more fully described in
our annual and quarterly Management's Discussion and Analysis and in other filings made by us with
Canadian securities regulatory authorities and available under the Company's SEDAR+ profile at
www.sedarplus.ca
. Grizzly disclaims any obligation to update or revise any forward-looking information
or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN
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